Tag: Antitrust

Merger Control, FDI and FSR: Lessons learned from recent deals

As our regular readers know, M&A deals in Europe face a complex interplay of merger control, foreign investment control and the Foreign Subsidies Regulations. Three very recent transactions illustrate how these regimes shape deal strategy and timelines. This post will dive into initial lessons to be learned from Universal/Downtown Music, Snam/Open Grid Europe and ADNOC/Covestro. … Continue reading Merger Control, FDI and FSR: Lessons learned from recent deals →

Media mergers – more complex than ever?

Like many other industries, the media sector is undergoing significant disruption, with linear TV increasingly losing relevance amid the rise of streaming platforms and alternatives such as social media. Regulators worldwide take these changes into account when assessing cooperations and transactions – particularly with regard to market definitions. Many cases have led to in-depth reviews … Continue reading Media mergers – more complex than ever? →

Minority shareholdings, merger control and cartel proceedings: Reconciling RWE/E.ON with Naspers/Just Eat

Earlier this summer, in RWE/E.ON, the EU’s Court of Justice (CJEU) clarified the boundaries between merger control and antitrust enforcement, essentially holding that concerns relating to the EU’s cartel prohibition (Art. 101 TFEU) cannot be assessed as part of a merger control proceeding. But then last week, the European Commission approved Naspers’ acquisition of Just … Continue reading Minority shareholdings, merger control and cartel proceedings: Reconciling RWE/E.ON with Naspers/Just Eat →

Transaction value threshold – less transactions in scope than one would expect?

In his annual speech at the Studienvereinigung Kartellrecht in Bonn at the end of last year, the president of the German Federal Cartel Office (FCO), Andreas Mundt, emphasized that merger control might be the most interesting and relevant part of the regulator’s ongoing work. A recent decision by the Higher General Court of Düsseldorf supports … Continue reading Transaction value threshold – less transactions in scope than one would expect? →

Future substantial domestic operations in German Merger Control?

One of the major topics of merger control will continue to be so-called killer acquisitions. This term describes cases in which an incumbent company acquires an innovative and still developing target. Due to a lack of relevant turnover of the target, these mergers are often below the respective turnover thresholds and are therefore not subject … Continue reading Future substantial domestic operations in German Merger Control? →

Are regulatory interventions really working? A spotlight on monitoring and digital payments

Regulation and antitrust enforcement aim to keep markets competitive, ensuring fair prices and innovation. Both in regulation and enforcement, time and again the question comes up whether and how the effectiveness of remedies is actually monitored. A recent report by the European Court of Auditors (ECA) highlights this: The ECA found shortcomings in how the … Continue reading Are regulatory interventions really working? A spotlight on monitoring and digital payments →

False starts into the new year: Update on gun jumping

Traditionally, the time between the years is not known for many interesting decisions and developments in antitrust law. However, it is noteworthy that in the first days of the new year, three decisions were published in which three major competition regulators imposed fines for violations of the merger control standstill obligation. These decisions serve as … Continue reading False starts into the new year: Update on gun jumping →

Tax deductibility of cartel damages: To VAT or not to VAT

Co-authored by Prof. Dr. Jochen Lüdicke and Tobias Pukropski Tax questions rarely cross the desk of an antitrust practitioner, but when they do, things can get complex quickly – with significant implications for the companies involved. Best to involve a tax expert in these situations, like we have done for this post: We will report … Continue reading Tax deductibility of cartel damages: To VAT or not to VAT →